关于仰交所（YSX）需要知道的五件事

 Five things you need to know about the Yangon Stock Exchange (YSX)

1. The YSX officially opened on Dec 9, 2015, almost ten years after the Myanma Economic Bank (MEB) and Japan’s Daiwa Institute of Research (DIR) established a goal of starting the country’s first stock exchange in 1996

Investors monitor stock prices at the Yangon Stock Exchange. Aung Htay Hlaing/The Myanmar Times

MEB has a 51 pc stake in the YSX, while DIR and Japan Exchange Group hold 30.25 pc and 18.75 pc, respectively. The first company to list on the YSX was First Myanmar Investment Co.

2. Currently, only locals can trade on the YSX. They must first have a bank account and open a se curities account with one of the five securities companies with a securities license and trading qualification in Myanmar.

The securities company is responsible for executing trades on behalf of the investor. 

To prevent too much volatility in stock prices, the YSX sets a daily upper and lower price limit for the shares of all the companies listed on the exchange. The minimum amount of shares an investor is able to buy or sell is one share.

Source : YSX

3. Since its debut however, trading volumes on the YSX have fallen significantly. At the last close on Aug 4, the Myanmar Stock Price Index (MYANPIX), which repre sents price fluctuations of the overall stock market, had dropped to 552.56 points, with a total of 10,566 shares worth K105.31 million (US$77,400) traded, according to data on the YSX.

When the MYANPIX first launched on March 28, 2016, the index closed the day at 1,161.29 points. A total of 207,532 shares worth K7.4 billion changed hands. Over the same period, the YSX has lost over 22 pc of its value. It now has a market capitalisation of K657.54 billion.

4. To raise trading volumes and li quidity, YSX executives say foreign capital is needed. Just last month, executive director of the Myanmar Stock Exchange Commission Takashi Takahashi said the com mission was collaborating with the YSX to develop a system that will allow foreigners to participate on the exchange.

On July 20, the new Myanmar Companies Law was submitted to the Amyotha Hluttaw. “Once approved, the Bill will officially specify the maximum stake a foreigner can take in a YSX-listed firm. Two steps remain in the process towards allowing foreigners to trade on the YSX – enacting the law and setting of foreigners’ share ratio,” U Thet Tun Oo, senior executive manager at the YSX, told The Myanmar Times.

5. Since its launch, only four companies have listed on the YSX (see table). Based on YSX listing criteria, a company must be regis tered under the Myanmar Companies Act, have at least 100 shareholders and minimum paid-up capital of K500 million on the date of application. Meanwhile, it must also be profitable for at least two years prior to listing, among other criteria. Excluding preliminary preparations, the YSX estimates that the process of listing on the YSX currently takes approximately 18 months.